Fannie Mae-No Politics (FNMA)

[obiterdictum]

Hi Dax,

Great work. That file is located at: http://shorturl.at/atzIM but a Raymond James Account is required for access.

1. To make the whole file available for others to read you can copy and paste page by page until the entire report is pasted in.

2. If there are too many pages to copy and paste, the file can be uploaded to a free file storage app and then provide a shared link. See: https://www.techradar.com/news/the-best-cloud-storage#best-free-cloud-storage

3. If that is too much, email the file to a friend who has a Google Drive or Dropbox or some storage account and let them provide you with a sharing link.

4. It can be sent to me to do the honors, if we can make an arrangment to do so.

The information in that report given in the message is offputting for those expecting a speedier timeline, and the 3-4 years timing before a SPO seems to be off base.

However, with the complications of the ongoing conservatorships, NWS, warrants, reported size of the SPO, investment bank interest, private placement seekers, seeking legislation for a federal backstop and new guarantors, apparent disagreement between Mnuchin and Calabria, SPSPA dealing, release from conservatorships, uplisting, the coming election, a sorely divided Congress, etc. there are a lot of monkey wrenches that are already in the works. These monkey wrenches may slow planning and the procedural execution of the plan. The speculated ideal timetable for the GSEs to become regulated and independent corporate entities is uncertain and Calabria's idea that an SPO can be completed in 2020 is optimistic.

An IPO or an SPO at $25 billion takes about 9-10 months (Alibaba) just for preparations, and more or less time depending on conditions and circumstances. Then an additional 6-7 months with a lock-up period. How long will it take for a $125-$200 billion SPO, staggered and not staggered?

Will it be 3-4 years of walking through political mud before the SPO?

Or will it be 6 months before preparations for the SPO begins? Will the SPO be completed in 2020 or 2021? Or is the timeline further on?